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Transactions UK
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May 22, 2025
Sanofi To Acquire Goodwin-Led US Biotech Biz For $470M
Drugmaker Sanofi said Thursday that it has agreed to acquire Vigil Neuroscience, a biotechnology company specializing in neurodegenerative diseases, for approximately $470 million to give it a potential new medicine for Alzheimer's disease in a deal guided by Goodwin Procter.
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May 22, 2025
Latham Leads Honeywell In £1.8B UK Catalyst Tech Biz Buy
Honeywell International Inc. said Thursday it has agreed to acquire the catalyst technologies arm of Johnson Matthey PLC, a U.K. chemicals company, for £1.8 billion ($2.4 billion), as the U.S. technology conglomerate moves to broaden its refining and renewable fuel portfolio.
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May 22, 2025
Asset Manager Impax Launches £10M Share Buyback
Impax Asset Management Group PLC kicked off a share repurchase program worth up to £10 million ($13 million) on Thursday, a move the company said signals confidence in its future success.
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May 21, 2025
Petrofac Wins Approval For $355M Plan To Dodge Liquidation
British energy services company Petrofact Ltd. has won approval of a $355 million restructuring deal to save it from liquidation, with a London court rejecting arguments from a group of creditors that the deal was unfair.
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May 21, 2025
Herbert Smith-Led Third Point's Deal To List Reinsurer On LSE
Third Point Investors, backed by billionaire Daniel Loeb, said Wednesday it has agreed to merge with Malibu Life Reinsurance SPC and provide investors with a $75 million cash option to exit to become "a fully capitalized, London-listed, reinsurance company."
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May 21, 2025
Cleary, Baker McKenzie-Led Medtronic To Split Diabetes Biz
Medtronic PLC said Wednesday it plans to separate its diabetes business, which focuses on insulin pumps and other wearable devices, into a stand-alone company to streamline the U.S.-Irish medical technology giant.
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May 21, 2025
Cadwalader Adds Ex-Latham Infrastructure Atty In London
Cadwalader Wickersham & Taft LLP announced it has added a former Latham & Watkins LLP infrastructure finance attorney as a partner in its London office.
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May 21, 2025
Ashurst Steers Agricultural Biz's Proposed £70M Tender Offer
Carr's Group PLC launched on Wednesday a share buyback program worth up to £70 million ($94 million) after the agricultural business completed the sale of most of its engineering division.
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May 21, 2025
A&L Goodbody-Led US Broker Buys Underwriter In Ireland
The Chicago-based broker Ryan Specialty has acquired 360° Underwriting, a managing general underwriter with offices in Dublin and Galway, Ireland, as Ryan moves to enter the Irish market.
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May 21, 2025
Revolution Beauty Explores Sale Amid Legal Dispute Fallout
Revolution Beauty said Wednesday that it has put itself up for sale amid a review of its funding structure after the British cosmetics company found itself at the center of several legal settlements over the past few years.
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May 21, 2025
Mayer Brown-Led Miner To Buy US Copper Project For $119M
U.K. miner Central Asia Metals said Wednesday it has agreed to acquire Australian rival New World Resources for $185 million Australian dollars ($119 million), adding the Arizona-based Antler Copper Project to its portfolio.
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May 20, 2025
JPMorgan Fell Short In Trader Spoofing Investigation
A former metals trader at JPMorgan Chase & Co. has won his claim that he was unfairly fired on suspicion of fraud because of shortcomings in the bank's disciplinary process — but his compensation will be slim after an employment tribunal ruled it was very likely he would have been dismissed regardless.
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May 20, 2025
London-Listed Investor To Wind Down Amid Strategic Shift
London-listed private equity firm Riverstone Energy Ltd. said Tuesday that it has agreed to gradually end its business by selling all of its investments after discussions with its investment manager RIGL Holdings LP regarding the "strategic direction" of the energy investor.
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May 20, 2025
Ryanair Launches €750M Share Buyback As Revenue Rises
Budget airlines parent company Ryanair Holdings PLC on Tuesday began a program to repurchase up to €750 million ($844 million) worth of shares following an increase in passenger numbers and revenue.
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May 20, 2025
Biotech Biz Poolbeg Pharma Raises £4.7M To Fund Research
Poolbeg Pharma PLC said Tuesday that it has raised approximately £4.7 million ($6.3 million) by selling its shares to fund the research and development of new medicines, up by more than £600,000 on its initial target of £4.1 million.
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May 20, 2025
Engineer Renold Faces Competing Bids Worth Up To £183M
Renold PLC said Tuesday that it is being circled by private equity firms after receiving two separate takeover bids that would pull the British engineering firm from London's junior market.
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May 20, 2025
Vodafone Kicks Off €500M Buyback In €2B Repurchase Plan
Vodafone rolled out a share buyback program of up to €500 million ($562 million) on Tuesday, the first phase of a new €2 billion stock repurchase arrangement to reduce the telecommunications giant's share capital.
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May 20, 2025
Ithaca To Boost Stake In UK Gas Field With £116M Deal
Ithaca Energy said Tuesday that it has agreed to acquire a 46.25% stake in a North Sea gas field from a joint venture between British Gas-owner Centrica and a German company for £116 million ($155 million) as the business looks to expand its portfolio.
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May 20, 2025
AstraZeneca Completes $1B EsoBiotec Purchase
AstraZeneca PLC said Tuesday it has completed its acquisition of EsoBiotec SA, a Belgian biotechnology firm, for up to $1 billion as the pharmaceutical giant seeks to bolster its cancer treatment platform.
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May 19, 2025
Ex-Allen & Overy Chiefs Set Up Shop To Match PE, Law Firms
Two former Allen & Overy LLP senior partners have teamed up to launch a consultancy to advise private equity investors and family offices on investing in law firms in England and Wales and beyond.
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May 19, 2025
Construction Co. Owes £27K To Worker Dismissed In Transfer
An employment tribunal has ordered Altrad Babcock Ltd. to pay £27,446 ($36,772) to an employee over a botched redeployment effort following an instance of "potential sexual harassment."
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May 19, 2025
L&G Buys 75% Of US Property Investor Proprium Capital
Legal & General said Monday that it has acquired a 75% stake in Proprium Capital Partners, a real estate private equity firm, to accelerate its growth and expand its geographic footprint in the European and Asian property sector.
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May 19, 2025
BNP Paribas Launches €1B Share Buyback
BNP Paribas began a share repurchase program worth up to €1.084 billion ($1.2 billion) on Monday, a move expected to lower the French banking giant's outstanding share capital.
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May 19, 2025
Latham-Led Cobalt Buyer Confirms $230M IPO In London
Cobalt Holdings PLC confirmed on Monday that it will make an initial public offering in London backed by two major investors, in what could be the largest listing on the U.K. stock exchange so far this year.
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May 19, 2025
Dutch Investor Launches €4.1B Offer For Just Eat Takeaway
Dutch investment group Prosus said Monday that it has launched a formal offer to acquire Just Eat Takeaway.com in a €4.1 billion ($4.6 billion) take-private deal to "build a Europe-based food delivery champion" after they reached a conditional agreement in February.
Expert Analysis
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Lessons That May Be Learned From The Demise Of Made.com
With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.
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Link Ruling Shows FCA's Wide Change-In-Control Powers
The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.
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Takeaways For Transaction Parties After UK Acquisition Block
The U.K. government recently used its retrospective powers under the National Security and Investment Act for the first time to block Nexperia’s acquisition of Newport Wafer Fab, highlighting the considerations that parties have to evaluate when contemplating transactions in high-risk areas, say attorneys at Arnold & Porter.
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Understanding The EU's New Foreign Subsidies Regulation
The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.
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A Look At The Increase In Employee Ownership Trusts
The rise in employee ownership trusts has brought certain challenges, but with tax advantages and a proven positive impact on individuals, businesses and regional economies, employee buyouts are set to become more popular and could outstrip mainstream deal activity, says ​​​​​​​Lisa Hayward at Birketts.
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EU Basel III Bank Reforms May Weaken Securities Market
Recent proposals from the Council of the European Union's review of Basel III bank capital regulatory reforms did not adopt substantive changes urged by the market for the securitization framework, and may have a dampening effect on the competitiveness of European securitizations, say attorneys at Hogan Lovells.
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5 Factors Driving Longer Prenotifications In EU Mergers
Attorneys at Linklaters discuss reasons, including transaction complexity and a higher standard of proof, why the duration of the prenotification process in European Commission merger control cases has generally increased over the last 10 years, say attorneys at Linklaters.
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Series
My Favorite Law Prof: How I Learned To Argue Open-Mindedly
Queens College President Frank Wu reflects on how Yale Kamisar’s teaching and guidance at the University of Michigan Law School emphasized a capacity to engage with alternative worldviews and the importance of the ability to argue for both sides of a debate.
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New Clarity On Directors' Creditor Duty In Insolvency Context
The recent case of BTI 2014 v. Sequana, the first to consider the creditor duty at U.K. Supreme Court level, provides directors and insolvency practitioners with significant guidance on how close to insolvency the company needs to be for the creditor duty to be engaged, say attorneys at Shearman.
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German Draft Bill Reflects Trend Toward New Antitrust Tools
A recently proposed amendment to the German Act against Restraints on Competition continues the trend in Europe to equip authorities with greater powers, shifting from a more traditional approach to a more extensive market protection tool, say attorneys at Gibson Dunn.
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How COVID, Supply Chain Woes Are Fueling Air Cargo M&A
The pandemic has triggered a shift in the air cargo market, with supply chain issues and demand for expedited service attracting new investment — and M&A interest will likely continue, even as inflation and other factors damp enthusiasm, say Solange Leandro and Alison Weal at Watson Farley.
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What To Expect From A Simplified EU Merger Control System
The European Commission’s draft amendments to the EU merger control system, expected to be formally adopted shortly, reduce its administrative burden and expand the scope of the simplified procedure to additional categories of transactions, providing a welcome development for companies and their advisers, say Axel Gutermuth and Lukas Šimas at Arnold & Porter.
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How The Pandemic And UK Security Law Are Changing Deals
Deal makers must consider how the COVID-19 pandemic has shaped the approach to material adverse change provisions in the U.K. and U.S., and how the new U.K. National Security and Investment Act regime will affect investors across the globe seeking to acquire material influence in a U.K. company, say attorneys at Covington.
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3 Foreign Investment Issues Affecting Cross-Border Deals
Now more than ever, managing the increasingly complex foreign direct investment considerations for successfully completing cross-border transactions requires parties to be attentive to the evolving regulatory landscape, particularly in the U.K. and EU, say Chase Kaniecki and William Dawley at Cleary.
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A Review Of The New UK Financial Services And Markets Bill
In revoking retained EU law and replacing it with U.K.-specific legislation, the new Financial Services and Markets Bill should mean a less cumbersome and more accessible regulatory regime than the existing patchwork of requirements, with provisions that address consumers’ concerns that they were not adequately protected, say attorneys at Ashurst.